TIAA Bank
A U.S. banking brand operated by TIAA from 2017 until its reversion to the EverBank name in 2023.
Last updated August 31, 2026
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Overview
TIAA Bank was the consumer and commercial banking brand created after TIAA acquired Jacksonville-based EverBank in 2017. The business operated as a U.S. financial institution offering deposit accounts, mortgages, lending, commercial finance, and related banking and investment services, with a strong emphasis on direct and digitally delivered banking. Its principal base was Jacksonville, Florida, although its products and services were offered across the United States rather than being limited to a traditional local branch network. The brand was the product of a much older financial-services lineage. Its immediate predecessor, EverBank, had developed from Alliance Mortgage Company and First Alliance Bank, businesses associated with Jacksonville. First Alliance Bank acquired Marine National Bank in 2001 and acquired EverBank in 2002; the combined company adopted the EverBank name in 2004. During the 2000s and early 2010s, EverBank expanded beyond conventional deposits and mortgages through currency services, commercial equipment finance, mortgage servicing, warehouse finance, business-property lending, and the acquisition of deposits and assets from Bank of Florida through the Federal Deposit Insurance Corporation. TIAA completed its acquisition of EverBank on June 9, 2017. The bank was subsequently rebranded TIAA Bank, connecting the banking operation to TIAA's broader retirement, insurance, investment, and financial-services franchise. TIAA Bank retained EverBank's direct-bank capabilities and diversified lending platform while serving TIAA customers and the wider public. Its offering included checking and savings accounts, certificates of deposit, residential mortgages, home-equity products, commercial real-estate lending, small-business and equipment financing, and other banking services. The bank was also known for products designed for customers with nationwide banking needs, including foreign-currency and specialty deposit capabilities inherited from EverBank's earlier business model. TIAA's ownership of the bank ended in 2023. A group of investment firms managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management acquired the institution, with TIAA retaining an interest in the resulting company. The bank's name was changed back to EverBank, ending TIAA Bank as an active standalone brand. Consequently, TIAA Bank is best treated as a historical corporate banking brand rather than as the current name of the Jacksonville institution. The successor EverBank continued the business and later expanded through the acquisition of Sterling Bank and Trust, F.S.B., announced as completed in 2025.
History
TIAA Bank was the name used by the Jacksonville, Florida, banking institution acquired by TIAA in 2017. Although the TIAA Bank brand itself dates from that acquisition and rebranding, its operating history reaches back through the predecessor EverBank and earlier Jacksonville financial businesses. The lineage commonly associated with the bank began with Alliance Mortgage Company, a Jacksonville mortgage business acquired in 1994 by an investor group led by Robert Clements. Alliance formed First Alliance Bank in 1998. In 1999, an investor group led by Frank Trotter and partners established EverBank, which acquired Mercantile Bancorporation's world-currency division. First Alliance Bank acquired Marine National Bank in 2001 and acquired EverBank on November 5, 2002. The combined institution adopted the EverBank name on February 2, 2004. EverBank pursued a diversified model rather than relying only on conventional retail deposits. It developed direct-banking services, mortgage operations, currency products, commercial lending, and specialty finance. In 2007, it agreed to acquire NetBank's direct banking and small-business financing divisions and mortgage-servicing portfolio, but terminated the transaction later that year after asserting that NetBank had not met agreed cash requirements amid the subprime mortgage crisis. EverBank instead acquired approximately $700 million of NetBank assets. In 2008, MetLife acquired EverBank's reverse-mortgage division. The institution also faced legal scrutiny over Icelandic-krona certificates of deposit sold during the Icelandic financial crisis. A class action filed in California alleged that the bank closed the accounts at an unfavorable exchange rate contrary to customers' instructions. A federal district court granted EverBank summary judgment, finding that it had not acted in bad faith and had contractual discretion to close the positions. An appellate court later remanded part of the matter for consideration of whether the bank had complied with the account terms, and the case was settled in 2016. Expansion continued through acquisitions. EverBank acquired Tygris Commercial Finance Group in 2010, adding business-equipment financing capabilities. In the same year, it acquired deposits, substantially all assets, and certain liabilities of Bank of Florida from the FDIC. In 2012, it agreed to acquire MetLife's warehouse-finance business and acquired Business Property Lending from GE Capital for $2.4 billion. TIAA acquired the bank on June 9, 2017. The institution was subsequently renamed TIAA Bank, aligning its banking activity with TIAA's retirement, insurance, investment, and advisory businesses. Under the TIAA Bank name, the company continued to offer consumer deposits, mortgages, commercial real-estate finance, small-business and equipment lending, and direct-banking products across the United States. In August 2023, funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management acquired the institution. TIAA retained an interest in the business, but the bank returned to the EverBank name. That change ended TIAA Bank as an active brand. The successor EverBank later completed its acquisition of Sterling Bank and Trust, F.S.B., in April 2025, further extending the successor institution's operating footprint.
- 2023
Return to EverBank branding
[1]An investment consortium acquired the bank and restored the EverBank name, ending the TIAA Bank brand.
- 2017
TIAA acquisition and rebranding
[1]TIAA acquired EverBank and subsequently operated the institution under the TIAA Bank name.
- 2012
Commercial-finance expansion
[1]EverBank expanded its commercial platform through the MetLife warehouse-finance business and GE Capital's Business Property Lending business.
- 2010
Tygris and Bank of Florida transactions
[1]EverBank acquired Tygris Commercial Finance Group and separately acquired deposits and most assets of Bank of Florida from the FDIC.
- 2004
EverBank name adopted
[1]The combined banking company formally adopted the EverBank name.
- 2002
First Alliance Bank acquired EverBank
[1]First Alliance Bank acquired EverBank, consolidating the principal predecessor businesses.
- 1998
First Alliance Bank formed
[1]Alliance Mortgage Company established First Alliance Bank in Jacksonville.
- 1994
Alliance Mortgage Company acquired
[1]An investor group led by Robert Clements acquired Jacksonville-based Alliance Mortgage Company, an important predecessor in the institution's lineage.
Products and positioning
A nationwide, digitally oriented U.S. bank combining direct banking with mortgage, commercial-finance, specialty deposit, and investment-related capabilities under the TIAA financial-services group.
Retail banking
Direct banking
TIAA Bank inherited EverBank's nationwide direct-bank model, delivering deposit and lending products primarily through remote and digital channels rather than a large conventional branch network. This model supported customers across the United States and formed a central part of the brand's consumer positioning.
Deposits
Deposit accounts and certificates of deposit
The bank offered consumer deposit products including checking, savings, and certificates of deposit. Its predecessor was also associated with specialty currency-denominated deposit products, reflecting the institution's broader interest in internationally oriented banking services.
Consumer lending
Residential mortgages
Mortgage lending was a foundational part of the business, tracing back to Alliance Mortgage Company and continuing through the EverBank and TIAA Bank periods. The platform included residential mortgage origination and related servicing capabilities.
Commercial finance · 2010
Equipment and small-business finance
EverBank's acquisition of Tygris Commercial Finance Group added business-equipment finance to the predecessor platform. TIAA Bank consequently represented more than a retail deposit institution, with capabilities serving small businesses and commercial borrowers.
Controversies
2023
Overtime class-action settlement
The successor EverBank paid $8.5 million to settle allegations that loan officers had not received required overtime compensation. The matter was resolved after the bank had ceased using the TIAA Bank name.
2009
Icelandic-krona certificate-of-deposit litigation
Customers filed a class action alleging that EverBank closed Icelandic-krona certificate-of-deposit accounts at an unreasonable exchange rate during the Icelandic financial crisis and caused substantial losses. The district court granted summary judgment for EverBank, an appeals court later remanded part of the case, and the dispute was settled in 2016.
Brand decisions
2023
Sale of the bank and restoration of EverBank brandingM&ABackground
TIAA sold the banking business to an investment consortium while retaining an interest in the resulting company.
Action taken
Funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management acquired the institution, which returned to the EverBank name.
Aftermath
The TIAA Bank brand was discontinued and the business continued under the EverBank identity.
2017
TIAA acquires EverBankM&ABackground
TIAA sought to add a banking platform to its existing retirement, insurance, and investment businesses.
Action taken
TIAA completed the acquisition of EverBank and subsequently renamed the institution TIAA Bank.
Aftermath
The transaction created TIAA's branded banking operation and preserved EverBank's direct-banking and diversified lending capabilities.
Recent events
- 2025
EverBank completes acquisition of Sterling Bank and Trust[1]
M&A
The successor EverBank completed its acquisition of Sterling Bank and Trust, F.S.B., adding Sterling operations and financial centers in California and New York City to the EverBank platform.
- 2023
TIAA Bank brand is replaced by EverBank[1]
M&A · Leadership change
An investor consortium acquired the bank from TIAA and restored the EverBank name, ending the TIAA Bank branding period.
- 2017
TIAA completes acquisition of EverBank[1]
M&A · Leadership change
TIAA acquired Jacksonville-based EverBank, bringing its banking and lending platform into the TIAA group. The business was subsequently rebranded TIAA Bank.
Sources2 sources
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